• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Three listed units of China’s HNA disclose embezzlements of nearly $10 billion

5 years ago
in Business, highlights, Home, home-news, latest News
1 min read
0 0
0
43
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Three units of HNA, once China’s most acquisitive conglomerate, said nearly $10 billion had been embezzled by shareholders, in disclosures to stock exchanges that come amid a government-led probe into the deeply indebted group.

A total of 61.5 billion yuan ($9.57 billion) had been embezzled by shareholders and other related parties, Shanghai-listed Hainan Airlines Holding Co, HNA Infrastructure Investment Group Co and Shenzhen-listed CCOOP Group Co said late on Friday.

The identities of the shareholders were not disclosed in the statements.

The three companies and their subsidiaries had also provided non-compliant guarantees for 46.5 billion yuan in financing, according to the statements filed after creditors of their parent applied to a court for the conglomerate to be placed in bankruptcy and restructured.

The move came after a local government-led working team concluded due diligence at HNA earlier in January, and laid out risk disposal plans, enabling it to move to the next stage of resolving a multi-year liquidity crisis.

The government-appointed working team expects as many as 500 companies linked to HNA Group to go into bankruptcy restructuring, Chinese financial magazine Caixin reported on Saturday, citing sources that it did not identify.

Caixin previously reported that HNA owns more than 2,300 companies.

RelatedPosts

Top 10 African Countries With the Strongest Currencies in August 2025

How Crypto Engagement is Finding a Place in Everyday African Life

Cyber Security Authority Warns of Rising Google Maps Brand Impersonation Scams

HNA was once one of China’s most aggressive dealmaking firms. But its tens of billions of dollars in spending drew scrutiny from the Chinese government and overseas regulators.

As concerns grew over its mounting debts, it sold assets such as airport services company Swissport and electronics distributors Ingram Micro to focus on its airline and tourism business.

HNA had 706.7 billion yuan in debt at the end of June 2019, the last bond report it made public that year showed. It has not given an update since.

Its largest creditor is the state-backed China Development Bank, which also chairs the company’s creditor committee.

Source: reuters
Via: norvanreports
No Result
View All Result

Highlights

Fuel Prices to Rise From Monday Despite Fall in Global Oil Prices

Alcaraz Dominates to Reach Fourth Round at US Open; Rybakina Advances as Raducanu Falls

CHAN 2024: Senegal Edges Sudan on Penalties to Claim Third Place

Lands Minister Initiates Repeal of L.I. 2462 to Protect Reserves and Combat Galamsey

Ghana Link Assures Stakeholders of Major ICUMS Upgrade to Address Downtime Concerns

Troubled Manchester United Boss Amorim Contemplates Future After Grimsby Debacle

Trending

Business

Top 10 African Countries With the Strongest Currencies in August 2025

August 30, 2025

Top 10 African Countries With the Strongest Currencies in August 2025 In an interconnected world where economies...

How Crypto Engagement is Finding a Place in Everyday African Life

August 30, 2025

Cyber Security Authority Warns of Rising Google Maps Brand Impersonation Scams

August 30, 2025

Fuel Prices to Rise From Monday Despite Fall in Global Oil Prices

August 30, 2025

Alcaraz Dominates to Reach Fourth Round at US Open; Rybakina Advances as Raducanu Falls

August 30, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.